Amendment to 21st Century ROAD to Housing Act passes House
On May 20th the amended bill passed with a vote of 396-13
After the NAHB's brief withdrawal of support, the 21st Century ROAD to Housing Act went back to the House as an amended version, passing with a sweeping vote. The previous controversial Built-to-Rent (BTR) provision added by the Senate, was removed over arguments that it would slow the development of new housing. In addition to this major amendment the act aims to increase housing supply and lower development barriers by increasing and indexing multifamily loan limits, providing relief to community banks that provide credit for housing, HOME program reforms that will streamline environmental reviews, and maintenance of publicly owned land databases to identify unused land for housing production, etc.
With construction material costs up 46.1% since February 2020, according to the NAHB, the reduction of regulatory costs and permitting is paramount for home builders.
The bill now awaits Senate approval, before being sent to President Trump to be signed into law.
